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New EU rules threaten London managers' trillions in AUM

They affect how fund managers in one country oversee assets in another

Fri, Jul 28, 2017 - 5:50 AM

Double-decker whammy: the new rules post-Brexit could result in firms leaving London for countries such as France, which has been pushing hard to attract asset managers. EU countries are also eyeing other parts of Britain's financial sector after Brexit such as the clearing of euro-denominated transactions.

PHOTO: REUTERS

London

BRITISH-based investment firms' long-standing ability to manage billions of euros of assets elsewhere in Europe could be threatened by Brexit, new EU guidance suggests.

Asset managers in London oversee funds worth 1.2 trillion euros (S$1.9 trillion) in the EU - more than